In the Quarter ended Mar'24 over Mar'23, the Net Profit of the Indian Bank is up by 55% YoY at ₹2247Cr in Mar’24 from ₹1447 Cr in Mar’23. The Profit Before Taxes up by 111% YoY at ₹3057Cr in Mar’24 from ₹1452 Cr in Mar’23.The Operating Profit improved by 7% YoY to ₹4305Cr in Mar’24 and the Net Interest Income increased by 9% YoY to ₹6015 Cr in Mar’24 while the Fee-based income grew by 6% YoY to ₹970 Cr in Mar’24. The Return on Assets (RoA) and Return on Equity (RoE) are increased by 33 bps to 1.15% and 358 bps to 19.06% respectively. The Yield on Advances (YoA) and the Yield on Investments (YoI) up by 64 bps to 8.81% and 26 bps to 6.88% in Mar’24 respectively.
The Gross Advances increased by 13% YoY to ₹533773Cr in Mar’24 from ₹473586Cr in Mar’23. The RAM (Retail, Agriculture & MSME) advances grew by 14% YoY to ₹309918Cr and its contribution to gross domestic advances is 62.21%. Retail, Agri& MSME advances grew by 15%, 19% and 6% YoY respectively. Home loans (Including mortgages), Auto Loans and Personal loans grew by 11%, 49% and 10% YoY respectively.
The Priority sector advances as a percentage of ANBC stood at 43.82% at ₹178527Cr in Mar’24 as against the regulatory requirement of 40%. The Total Deposits increased by 11% YoY and reached to ₹688000Cr in Mar’24. The CASA deposit grew by 8%, the savings deposit grew by 7% and the Current deposit by 9% YoY. The Domestic CASA ratio stood at 42.31% as on 31st Mar’24 and the CD ratio stood at 77.58% as on 31st Mar’24. The GNPA decreased by 200 bps YoY to 3.95% in Mar’24 from 5.95%, NNPA reduced by 47 bps to 0.43% from 0.90% in Mar’23. The Provision Coverage Ratio (PCR, including TWO) improved by 252 bps YoY to 96.34% in Mar’24. The Slippage Ratio contained to 1.11% in Mar’24 in comparison to 2.43% in Mar’23 i.e improvement of 132 bps YoY. The Capital Adequacy Ratio stood at 16.44%. CET-I improved by 63bps YoY to 13.52% Tier I Capital improved by 55bps YoY to 14.03%.
In the Year ended Mar'24 over Mar'23, the Net Profit up by 53% YoY to ₹8063Cr in FY24 from ₹5282Cr in FY23. The Profit Before Taxes up by 85% YoY at ₹10951 Cr and the Operating Profit increased by 10% at ₹16840 Cr. The Net Interest Income grew by 15% to ₹23274Cr in FY24 from ₹20225Cr in FY23. The RoA, RoE and Domestic NIM are increased by 30 bps, 51 bps and 13bps. The YoA is up by 96 bps to 8.72% in FY24 from 7.76% in FY23 and the YoI increased by 35 bps to 6.80% in FY24 from 6.45% in FY23. The Cost to Income Ratio is 45.92% for FY24.
Business through Digital Channels has reached to₹81,250 Cr. A total of 78Digital Journeys, Utilities and Processes have been launched so far. The number of Mobile Banking users has grown by 45% year over year, reaching 1.67 Cr. Both UPI users and Net Banking Users have seen a 37% YoY increase, reaching 1.75 Crores and 1.06 Crores respectively. The count of UPI QR merchants on-boarded has risen by 43% YoY, while the total number of Point of Sale (PoS) terminals has increased by 58% YoY, reaching a total of 21,580.
Bank was adjudged the Most Preferred Workplace in the BSFI sector for 2023-24 by Marksmen Daily. Bank topped among all the PSBs in a campaign for MD & CEOs and EDs in Exemplary Award of Par Excellence APY Leadership Pinnacle. The bank was awarded Fastest Growing Public Sector Bank by Dalal Street Investment Journal (DSIJ) in the 2023 Banking awards. Bank was conferred BFSI Award for Use of Emerging Technology in Banking Industry for Project “PARADISE” for Adoption of Cloud Computing for AiX Environmentby GOVERNANCE NOW. Chief Technology Officer of the Bank was awarded BFSI Award for the Best Digital Transformation Leader, CTO for the year 2023. Bank got ‘Best Technology Bank -Special Mention’, in IBA 19th Annual Banking Technology Conference, Expo & Citations.